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Australian (ASX) Gold Industry Analysis

UpdatedFeb 25, 2026
DataAggregated Company Financials
Companies151
  • 7D5.1%
  • 3M23.4%
  • 1Y107.7%
  • YTDn/a

Over the last 7 days, the Gold industry has risen 3.6%, driven by gains from Northern Star Resources of 5.4%. Meanwhile, Alkane Resources actually underperformed within the industry, shrinking 5.6% in the last week. This means that the industry has gained 109% over the past year. Looking forward, earnings are forecast to grow by 22% annually.

Industry Valuation and Performance

Has the Australian Gold Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 25 Feb 2026AU$187.0bAU$29.6bAU$5.8b25.3x32.2x6.3x
Fri, 23 Jan 2026AU$178.3bAU$26.4bAU$4.6b27.9x39x6.8x
Sun, 21 Dec 2025AU$160.2bAU$26.4bAU$4.6b27.5x35x6.1x
Tue, 18 Nov 2025AU$148.2bAU$26.5bAU$4.6b24.5x32.1x5.6x
Thu, 16 Oct 2025AU$149.2bAU$26.4bAU$4.6b24.9x32.6x5.7x
Sat, 13 Sep 2025AU$129.2bAU$26.8bAU$4.8b20.2x26.7x4.8x
Mon, 11 Aug 2025AU$103.7bAU$22.4bAU$3.2b19.7x32.5x4.6x
Wed, 09 Jul 2025AU$100.6bAU$22.4bAU$3.1b17.5x32.2x4.5x
Fri, 06 Jun 2025AU$109.7bAU$22.3bAU$3.1b21.4x35.5x4.9x
Sun, 04 May 2025AU$90.8bAU$22.1bAU$3.0b16.6x30.1x4.1x
Tue, 01 Apr 2025AU$86.0bAU$22.2bAU$3.0b17.4x28.4x3.9x
Thu, 27 Feb 2025AU$76.9bAU$20.9bAU$2.8b19x27.2x3.7x
Sat, 25 Jan 2025AU$77.6bAU$18.6bAU$1.8b20.1x42.7x4.2x
Mon, 23 Dec 2024AU$69.5bAU$18.6bAU$1.8b21.3x37.7x3.7x
Wed, 20 Nov 2024AU$71.7bAU$18.6bAU$1.8b19.2x39.7x3.9x
Fri, 18 Oct 2024AU$73.2bAU$18.4bAU$1.8b23.8x40.8x4x
Sun, 15 Sep 2024AU$67.1bAU$18.3bAU$1.6b21x40.8x3.7x
Tue, 13 Aug 2024AU$60.1bAU$16.1bAU$1.1b22.6x54.6x3.7x
Thu, 11 Jul 2024AU$57.9bAU$16.0bAU$1.1b22.3x54x3.6x
Sat, 08 Jun 2024AU$61.0bAU$17.1bAU$1.2b22.4x51.6x3.6x
Mon, 06 May 2024AU$56.5bAU$17.1bAU$1.2b21.1x47.5x3.3x
Wed, 03 Apr 2024AU$57.3bAU$17.2bAU$1.2b20.1x47.8x3.3x
Fri, 01 Mar 2024AU$48.4bAU$16.5bAU$1.0b16.5x46.5x2.9x
Sun, 28 Jan 2024AU$72.4bAU$22.9bAU$1.3b23.3x53.9x3.2x
Tue, 26 Dec 2023AU$76.5bAU$22.9bAU$1.3b26.6x56.9x3.3x
Thu, 23 Nov 2023AU$71.9bAU$22.9bAU$1.4b22.1x53.2x3.1x
Sat, 21 Oct 2023AU$72.0bAU$23.1bAU$1.4b24.9x52.3x3.1x
Mon, 18 Sep 2023AU$70.2bAU$22.9bAU$1.4b19.2x50.1x3.1x
Wed, 16 Aug 2023AU$67.5bAU$22.4bAU$448.8m18.2x150.3x3x
Fri, 14 Jul 2023AU$74.6bAU$22.1bAU$523.5m17.6x142.5x3.4x
Sun, 11 Jun 2023AU$71.2bAU$22.2bAU$563.8m17x126.3x3.2x
Tue, 09 May 2023AU$77.6bAU$22.2bAU$556.0m19.1x139.5x3.5x
Thu, 06 Apr 2023AU$71.0bAU$22.2bAU$552.0m16.7x128.7x3.2x
Sat, 04 Mar 2023AU$63.8bAU$22.3bAU$575.6m16.7x110.8x2.9x
Price to Earnings Ratio

110.8x


Total Market Cap: AU$63.8bTotal Earnings: AU$575.6mTotal Revenue: AU$22.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Gold Industry Price to Earnings3Y Average 61.4x202420252026
Current Industry PE
  • Investors are pessimistic on the Australian Gold industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 32.2x which is lower than its 3-year average PE of 61.4x.
  • The 3-year average PS ratio of 3.9x is lower than the industry's current PS ratio of 6.3x.
Past Earnings Growth
  • The earnings for companies in the Gold industry have grown 116% per year over the last three years.
  • Revenues for these companies have grown 9.9% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does Australian Gold compare with similar industries?

AU Market0.71%
Materials3.58%
Metals and Mining4.03%
Gold5.08%
Silver8.96%
Copper5.66%
Diversified Metals and Mining4.13%
Precious Metals and Minerals2.96%
Steel1.34%
Aluminum-2.55%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
NST Northern Star ResourcesAU$30.398.5%
+AU$3.4b		75.4%PE28.1x
EVN Evolution MiningAU$16.2211.2%
+AU$3.3b		161.2%PE24.8x
RRL Regis ResourcesAU$9.4212.1%
+AU$772.4m		193.5%PE14.6x
GGP Greatland ResourcesAU$13.429.1%
+AU$753.7m		n/aPE14x
WGX Westgold ResourcesAU$7.8110.9%
+AU$727.5m		221.4%PE212.3x

Latest News

HRZ
AU$1.11
Horizon Minerals
7D
-10.1%
1Y
21.3%
EMR
AU$7.00
Emerald Resources
7D
10.1%
1Y
75.9%
WGX
AU$7.81
Westgold Resources
7D
10.9%
1Y
221.4%
GGP
AU$13.42
Greatland Resources
7D
9.1%
1Y
n/a
EVN
AU$16.22
Evolution Mining
7D
11.2%
1Y
161.2%

EVN: Higher Commodity Assumptions Will Likely Fail To Justify Elevated Pricing

Narrative Update Overview The updated analyst work on Evolution Mining lifts the fair value estimate from A$12.63 to A$13.17, reflecting higher commodity price assumptions and refreshed models that have also seen Street price targets move higher into the A$11.50 to A$13.75 range. Analyst Commentary Recent updates from covering analysts show a mixed but constructive setup for Evolution Mining, with higher price targets on the back of refreshed commodity price decks and valuation work.
RMS
AU$4.76
Ramelius Resources
7D
8.2%
1Y
76.3%
PRU
AU$6.05
Perseus Mining
7D
9.6%
1Y
103.0%
WAF
AU$3.56
West African Resources
7D
-1.4%
1Y
106.4%

WAF: Speculative Buy Stance Will Support Higher Fair Value Despite Execution Risk

Analysts have lifted their fair value estimate for West African Resources from A$3.20 to A$4.70, citing updated views on revenue growth, profit margins and future P/E assumptions following recent Speculative Buy research coverage. Analyst Commentary Analysts lifting their fair value estimate to A$4.70 reflects updated assumptions around revenue, margins and P/E settings, but not everyone is leaning in the same direction.
RRL
AU$9.42
Regis Resources
7D
12.1%
1Y
193.5%
NST
AU$30.39
Northern Star Resources
7D
8.5%
1Y
75.4%

NST: Higher Commodity Assumptions Will Likely Sustain Overvaluation Risk For Shares

Narrative update on Northern Star Resources Analysts have lifted their price target on Northern Star Resources to A$35 from A$30, citing updated long term commodity price assumptions for gold and other metals, a slightly higher discount rate, modestly lower revenue growth and margin forecasts, and a lower assumed future P/E multiple that together support a refreshed fair value estimate of about A$18.33. Analyst Commentary The latest target price revision to A$35 follows changes to long term assumptions for several commodities, including gold.
STK
AU$0.23
Strickland Metals
7D
-2.1%
1Y
238.2%
OBM
AU$1.24
Ora Banda Mining
7D
-2.8%
1Y
36.5%
AAR
AU$0.27
Astral Resources
7D
-1.9%
1Y
96.3%
TM1
AU$0.41
Terra Metals
7D
-3.6%
1Y
1,400.0%
GPR
AU$0.05
Geopacific Resources
7D
-5.7%
1Y
138.1%

We're Not Worried About Geopacific Resources' (ASX:GPR) Cash Burn

Jan 02
We're Not Worried About Geopacific Resources' (ASX:GPR) Cash Burn
TOK
AU$1.27
Tolu Minerals
7D
-10.3%
1Y
50.6%